The government is on hold in view of the upcoming visit of the Qatari representation by the end of the month.

In his statements to StockWatch, a member of the Council of Ministers said that the government expects that the Qatari representation will visit Cyprus in the next few weeks and will give the answer of the Emir to the proposal for an investment of €50 million.

The investment concerns the purchase of a state plot opposite Hilton by a joint venture, in which the government will participate with 50% and the state company Qatari Diar with 50% as well, for the construction of a luxury hotel and a shopping centre.

The land has been estimated at a price much higher than that of the Land Registry (triple) and the government is criticized by the opposition for selling off state land.

Qatar proposed to the government the payment of €50 million as an initial investment for the purchase of the property on condition that the Cypriot state will enjoy all additional profits from the sale of the commercial and housing units.

Last week, Foreign Minister visited Qatar and submitted a revised proposal to the Emir, however, the only statement he made at his return was that the case is not closed yet.

On Friday, President of the Republic, Demetris Christofias stated that the news is good and the agreement with Qatar will be reached soon.